FAC Explorer

Audit 56196

FY End
2022-02-28
Total Expended
$1.05M
Findings
2
Programs
1
Organization: Buckingham Terrace II INC (GA)
Year: 2022 Accepted: 2022-11-29
Auditor: Carter & Company CPA LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
59935 2022-001 - - C
636377 2022-001 - - C

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $66,964 Yes 0

Contacts

Name Title Type
N2FNFPU4DN78 Debra Minix Auditee
9122640102 David Bell Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity ofBuckingham Terrace II, Inc. and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofBuckingham Terrace II, Inc., it is not intended to and does not present the financial position, changes in netassets, or cash flows of Buckingham Terrace II, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Buckingham Terrace II, Inc. has electednot to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMBuckingham Terrace II, Inc. has received a U.S. Department of Housing and Urban Development capitaladvance under Section 202 of the National Housing Act. The capital advance outstanding at the beginningof the year is included in the federal expenditures presented in the Schedule. Buckingham Terrace II, Inc.received no additional capital advances during the year. The balance of the capital advance outstanding atFebruary 28, 2022 consists of:Outstanding BalanceCFDA Number Program Name at February 28, 202214.157 Supportive Housing for the Elderly -Capital Advance $ 987,200 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 987200.

Finding Details

Finding 2022-001
S3800-010 Finding Reference Number 2022-001 S3800-011 Title and CFDA Number of Federal Program 14.157 ? Supportive Housing for the Elderly S3800-015 Type of Finding Federal Award Finding S3800-016 Finding Resolution Status Resolved S3800-017 Information on Universal Population Size N/A S3800-018 Sample Size Information N/A S3800-019 Identification of Repeat Finding and Finding Reference Number N/A S3800-020 Criteria The HUD Regulatory Agreement requires that any residual receipts realized from operation of the mortgaged property shall be deposited in a separate residual receipts account. S3800-030 Statement of Condition The Housing Corporation failed to deposit the surplus cash funds due to the residual receipts. S3800-032 Cause Management did not establish the residual receipts account, nor deposit the surplus cash funds due to the residual receipts. S3800-033 Effect or Potential Effect The Housing Corporation is not in compliance with its Regulatory Agreement. S3800-035 Auditor Non-Compliance Code B. Failure to make required residual receipts deposits. S3800-040 Questioned Costs $1,386 S3800-045 Reporting Views of Responsible Officials Management agrees with the finding and has made the required deposit as of 6/17/2022. S3800-080 Recommendation Management should establish a residual receipts account and deposit the funds due into the account. S3800-090 Auditor?s Summary of the Auditee?s Comments on the Findings and Recommendations Auditor agrees with auditee?s comments on the finding and recommendations. S3800-130 Response Indicator Agree S3800-140 Completion Date June 17, 2022 S3800-150 Response Management agrees with the finding and has made the required deposit as of 6/17/2022.
Finding 2022-001
S3800-010 Finding Reference Number 2022-001 S3800-011 Title and CFDA Number of Federal Program 14.157 ? Supportive Housing for the Elderly S3800-015 Type of Finding Federal Award Finding S3800-016 Finding Resolution Status Resolved S3800-017 Information on Universal Population Size N/A S3800-018 Sample Size Information N/A S3800-019 Identification of Repeat Finding and Finding Reference Number N/A S3800-020 Criteria The HUD Regulatory Agreement requires that any residual receipts realized from operation of the mortgaged property shall be deposited in a separate residual receipts account. S3800-030 Statement of Condition The Housing Corporation failed to deposit the surplus cash funds due to the residual receipts. S3800-032 Cause Management did not establish the residual receipts account, nor deposit the surplus cash funds due to the residual receipts. S3800-033 Effect or Potential Effect The Housing Corporation is not in compliance with its Regulatory Agreement. S3800-035 Auditor Non-Compliance Code B. Failure to make required residual receipts deposits. S3800-040 Questioned Costs $1,386 S3800-045 Reporting Views of Responsible Officials Management agrees with the finding and has made the required deposit as of 6/17/2022. S3800-080 Recommendation Management should establish a residual receipts account and deposit the funds due into the account. S3800-090 Auditor?s Summary of the Auditee?s Comments on the Findings and Recommendations Auditor agrees with auditee?s comments on the finding and recommendations. S3800-130 Response Indicator Agree S3800-140 Completion Date June 17, 2022 S3800-150 Response Management agrees with the finding and has made the required deposit as of 6/17/2022.